French REIT ANF Immobilier has completed the disposal of part of its portfolio in Lyon to funds managed by UK private investor Grosvenor for a net price of EUR 310 mln. The deal is part of the company's asset-rotation strategy aimed at divesting mature properties.
French REIT ANF Immobilier has completed the disposal of part of its portfolio in Lyon to funds managed by UK private investor Grosvenor for a net price of EUR 310 mln. The deal is part of the company's asset-rotation strategy aimed at divesting mature properties.
The transaction comes hard on the heels of ANF' sale earlier this week of the B&B hotel portfolio to a consortium led by Foncière des Murs for over EUR 500 mln.
The company, which is majority-owned by French investment group Eurazeo, said proceeds from the sales would enable it to buy assets that would boost growth and in particular pursue its expansion strategy in Bordeaux. The sale prices reflect a 5% discount on the appraisal values of the portfolios as at December 31, 2011.
After disposals the company owns about EUR 700 mln of assets in Marseille, and another EUR 140 mln of properties in Lyon and Bordeaux including hotel buildings under unilateral call option.
Grosvenor Group is the property firm owned by Britain's Duke of Westminster.
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